I’m a Self-Made Millionaire: This Is My 5-Step Retirement Plan
Written by
Madeline Duley
Edited by
Amber Barkley
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Self-made millionaires enjoy life from the high road. After achieving the American dream of career success and leveraging savvy saving and investing strategies, they’ve mastered financial security better than most. So who better to ask for retirement advice than those who have walked the path to success themselves and hold the keys to living a lucrative life?
To gain personal insight into millionaires’ money tricks, GOBankingRates spoke to Brenda Christensen, self-made millionaire and owner of Stellar Public Relations, Inc. The success of Christensen’s tech company allowed her a substantial exit from the workforce of $100 million at age 35. However, her retirement bliss lasted a mere three weeks before she became bored and started her PR agency.
Discover Christensen’s 5-step plan to a fulfilling retirement and the secrets millionaires use to live a more frugal, yet satisfying, life.
Prioritize Frugality and Simplicity
For Christensen, distinguishing her wants from her needs was the first step toward living a more frugal life.
“By focusing on the MUST HAVEs and avoiding the I WANTs, you can significantly increase the amount you set aside for the future,” Christensen said.
Living frugally isn’t always easy, especially when extra cash tempts you to make impulse purchases. However, by adopting Christensen’s strategy and treating simplicity as a challenge, you can shift your mindset and make a meaningful difference in your spending habits.
“I challenged myself on how little I could get by on and still be relatively content,” Christensen said. “For instance, I cut my hair, shopped for clothes on budget-friendly platforms like Temu and Amazon and vintage stores, and sought out quality vintage furniture in thrift stores. It was amazing how substantially this allowed me to save — almost 50% of my income, which I aggressively invested for long-term growth.”
Aggressive Saving and Investing
One of the most powerful assets to take advantage of on the path to a lucrative retirement is compound interest. Whether you are 21 or 70, Christensen advised saving as early and consistently as possible to benefit from growth over time. It’s never too late to start — the key is to make saving a habit you can maintain.
“From an early age, I set aside about half of my earnings for saving,” Christensen said. “By choosing cost-effective options in my daily life, I turned this into a lifestyle, motivated by an already [familiar] family culture which was especially spendthrift.”
Christensen pointed to her Scandinavian roots for instilling her frugal mindset.
“I credit my family’s Scandinavian culture for preparing me to be a thrifty saver, as well as understanding the power of money and how important it is to invest,” Christensen said. “My Danish grandfather didn’t speak much English, but the one thing he always told me was to count my money twice. It’s a simple act but psychologically creates an impactful awareness of the importance of financial transactions.”
Leverage Business Expenses for Smart Spending
Being smart with your money doesn’t mean sacrificing luxury. Instead, it’s about strategically enjoying the finer things in life. For Christensen, leveraging business expenses allowed her to indulge without hurting her savings.
“I strategically utilized business expenses for high-end luxury vehicles and world travel,” Christensen said. “Staying at the Ritz Carlton in Bali for a week cost me only $500, because I traveled off-season — my preference; I abhor crowds — and it was all a tax write-off. None of this required me to dip into personal savings or compromise my retirement. This allowed me to continue living simply while enjoying the perks of successful business ventures.”
Invest In Passion Projects
The key to retiring like a millionaire is to earn like a one. According to Christensen, the best way to boost money is by making it enjoyable.
“I believe in investing where you have a passion, which can also lead to greater success, because you’re more likely to stay engaged and informed due to personal interest,” Christensen said. “This equals making better investment decisions.”
Whether your passion lies in fashion, restaurants or entertainment, investing in areas that interest you allows you to stay true to your values and priorities.
“I’ve always invested in beach real estate and vintage cars — two areas where I have a personal passion,” Christensen said. “So for me, investing was enjoyable and also highly profitable. Because of my rabid interest in both, I was able to capitalize on opportunities that some may not have found and provided significant returns.”
Develop Long-Term Financial Habits
Saving for retirement doesn’t happen overnight, but by cultivating daily habits that turn into weekly, monthly and yearly routines, you can set yourself up for a secure retirement and lifelong financial well-being.
“I developed a frugal mindset in my early 20s, which paid off down the road by being able to leverage it into long-term financial habits,” Christensen said. “All of those good, BORING actions, like making thoughtful purchases and continuously seeking value, became so ingrained in my lifestyle that I do it like breathing now.
“This approach has not only supported my retirement savings but also ensured that I never need to retire fully, because I continue to enjoy and profit from my work.”
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